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Benefits November 17, 2004
Inflation Negates Average Weekly Earnings Rise in October
November 17, 2004 (PLANSPONSOR.com) - Real average
earnings fell from September to October due to rising
inflation, according to the Department of Labor
(DoL).
Reported by Kip McDaniel
According to preliminary statistics from the Bureau of Labor Statistics of the DoL, real average weekly earnings fell by 0.4% after seasonal adjustments. A 0.3% increase in average hourly wages was offset by a 0.6% jump in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
In September, real average earnings were stagnant, as an increase in average earnings was cancelled out by a corresponding rise in inflation (See Inflation Rise Wipes Out Earnings Gain in September ).
Average weekly earnings rose by 2.9% from October 2003 to October 2004. After deflation by the CPI-W, average weekly earning feel by 0.4% over that timeframe. Before adjusting for seasonal change and inflation, the average weekly earnings were $535.39 in October of this year, up from $519.65 in the same month last year.
Data for the average weekly earnings come from non-farm payrolls. Both full-time and part-time production and nonsupervisory workers are included.